TrendsWide
Contact US
  • Home
  • Trending
  • Health
  • Life Style
  • NBA
  • Reviews
No Result
View All Result
TrendsWide
  • Home
  • Trending
  • Health
  • Life Style
  • NBA
  • Reviews
No Result
View All Result
TrendsWide
No Result
View All Result
Home Economie

The US IRS agency adds crypto questions to tax forms

by souhaib
September 29, 2020
in Economie
0
74
SHARES
1.2k
VIEWS
Share on FacebookShare on Twitter
ADVERTISEMENT


You might also like

‘momentum is continuing into 2022’

Astra Space stock closed down 20% on Monday: here’s why

Ripple, Dogecoin, Litecoin price forecast for February 2022

  • US tax agency, the IRS, is taking the next step in an attempt to get people to report their crypto earnings.
  • The IRS released a preview of the next year’s tax report, revealing that it contains a crypto question.
  • Americans will have to disclose their involvement with crypto, or lie on their tax report and break the law.

The US tax authority has been getting serious about cryptocurrency for quite some time. However, the US crypto users have tried their best to ignore the IRS’ warnings to carefully calculate their crypto income and include it in their reports.

Now, the agency is taking the next step by adding the crypto question to its tax form 1040.


Are you looking for fast-news, hot-tips and market analysis?

Sign-up for the Invezz newsletter, today.

Tax form 1040 gets a crypto-related question in 2021

Unfortunately for the US crypto users, the strategy to play ignorant about not including cryptocurrencies in their tax reports is getting riskier and riskier. With the IRS’ plan to include cryptocurrencies in its tax forms, that strategy will soon become obsolete.

As most likely know, Form 1040 is one that every American citizen has to file in order to report their federal income taxes. In a recently published a preview of the next year’s tax form, it is clear that the IRS now plans to take the next step and include a yes or no question that asks if the filler has earned interest by trading digital currency.

The question is just below the address line, so no one can miss it and play ignorant anymore. The tax agency’s new strategy may be seen as a bit of an aggressive one by some, but the IRS deems it necessary as it continues to ramp up scrutiny of the crypto sector.

Millions of Americans use crypto, but only a handful reports it

Most of the time, the agency has been focusing on criminal activities involving cryptocurrencies. However, it has been known to seek out and identify crypto users who failed to report their taxes.

These days, millions of American citizens own digital currencies, while only a small portion of them is including crypto while filing taxes. Even crypto exchanges like Coinbase have been trying to make calculating crypto taxes easier by offering special tools for tax reporting.

However, none of this helped with raising the percentage of users who actually do it, as most still believe that they can ignore the warnings and get away with it. Now, Americans have a choice to disclose their crypto earnings, or openly lie on their tax report, which would put them in much greater trouble if they get caught.



Source link

Share this:

  • Twitter
  • Facebook
  • More
  • Pinterest
  • Telegram
  • Email
Share30Tweet19
Previous Post

Zendyx Affiliate System – $1.4+ Epcs!

Next Post

Patek Philippe Complications Rose Gold 7130R-013 with Ivory Opaline dial

souhaib

Recommended For You

‘momentum is continuing into 2022’

by souhaib
February 7, 2022
0

Shares of Chegg Inc (NYSE: CHGG) are up 10% in extended trading on Monday after the student services company said it performed better-than-expected in Q4, despite COVID-19 uncertainty....

Read more

Astra Space stock closed down 20% on Monday: here’s why

by souhaib
February 7, 2022
0

Read more

Ripple, Dogecoin, Litecoin price forecast for February 2022

by souhaib
February 7, 2022
0

The cryptocurrency market is advancing this Monday, and this situation also supports the price of Ripple XRP/USD, Dogecoin DOGE/USD, and Litecoin LTC/USD. Bitcoin is trading above the $44,000...

Read more

Analyst: ‘Apple would be forced into it if Amazon goes after Peloton’

by souhaib
February 7, 2022
0

Read more

Should I buy Uber shares in February 2022?

by souhaib
February 7, 2022
0

Uber Technologies, Inc. (NYSE: UBER) will announce fourth-quarter earnings results this Wednesday, February 09, after the market closes. Uber shares have weakened more than 10% since the beginning...

Read more
Next Post

Patek Philippe Complications Rose Gold 7130R-013 with Ivory Opaline dial

No Result
View All Result

Recent Posts

  • Jasmine Hartin is arrested AGAIN for ‘ordering a hit on Belize police commissioner’
  • NBA: Kevin Durant, faithful defender of marijuana: “It’s like drinking wine”
  • Title 42: A judge forces Biden to continue with the hot removal of migrants at the border | International
  • The perpetrators of mass shootings increasingly attack “easy targets”
  • Oklahoma passes a law banning abortion after fertilization

Browse by Category

  • Australia
  • Automotive
  • Business
  • Celebrity
  • Cryptocurrency
  • Deals
  • Economie
  • Education
  • Euro
  • Forex
  • Gaming
  • Health
  • Life Style
  • NBA
  • News
  • Reviews
  • Sports
  • Switzerland
  • Trending
  • U.S.
  • Uncategorized

Categories

  • Australia
  • Automotive
  • Business
  • Celebrity
  • Cryptocurrency
  • Deals
  • Economie
  • Education
  • Euro
  • Forex
  • Gaming
  • Health
  • Life Style
  • NBA
  • News
  • Reviews
  • Sports
  • Switzerland
  • Trending
  • U.S.
  • Uncategorized

Pages

  • Contact US
  • Newsletter
  • Privacy Policy
  • Terms & Conditions

© 2021 - TrendsWide

No Result
View All Result
  • Home
  • Contact US
  • Privacy Policy
  • Trending
  • U.S.
  • Economie
  • Deals
  • Reviews
  • Cryptocurrency
  • Health
  • Life Style
  • NBA

© 2021 - TrendsWide

loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.